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Stewardship / Endowment Fund

Draft Trust Agreement Addendum - June 27, 2010

THIS TRUST AGREEMENT between Knox Presbyterian Church, Guelph, Ontario, hereinafter called the Grantor, and the Trustee Board of Knox Presbyterian Church, Guelph, Ontario, an elected committee of Knox Presbyterian Church, Guelph, Ontario, hereinafter called the Trustee Board, does hereby establish a trust under the name “Knox Presbyterian Church Endowment Fund.” This document is an addendum to the original agreement (motion congregational meeting February 2003) to update the committee structure (motion congregational meeting May 2007) and to provide legibility of the vision, function and purpose of the Endowment Fund.


This trust agreement includes the following provisions:

1. The Grantor, recognizing that Christian people are called to be faithful stewards of all the gift of God – time, abilities, the created world, and money, including accumulated, inherited and appreciated resources – has made an initial gift to establish this trust.

2. This trust is created for the purpose of expanding and enriching the mission and ministry of Knox Presbyterian Church, Guelph, Ontario, locally and globally, and to assist in any capital improvements which may be made to its facilities used for worship, nurture, and other congregational ministries.3. The Trustee Board shall hold, manage, invest and reinvest the trust property, and shall collect and receive the income thereof and shall dispose of the principal and income of the trust as follows:
  • a) That 5% of the total fund commencing on December 31, 2010, and each year thereafter, be made available in the following calendar year, as approved by a majority vote at a Congregational meeting of Knox Presbyterian Church, Guelph, Ontario. It is the intent of the Grantor that the amount of money made available each year be used by Knox Presbyterian Church, Guelph, Ontario for capital expenditures for its buildings (60%) and for giving to ministry, mission and outreach causes (40%).

  • b) It is the intent of the Grantor that the principal remain the corpus of the trust and only distributed as outlined in clause 3(a); and it is agreed that additional contributions may be made to this trust fund by the Grantor from undesignated bequests made to the Grantor or from bequests which specify that they are to be used to fund this trust, or from any other sources.


4. The Trustee Board agrees to exercise and follow prudence in the investment of the principal and to see that an annual report is made to the Grantor on this trust, income received, and capital gains, if any, added to the fund, as well as additional gifts added to the fund by the Grantor or from any other source.


5. In the administration of this trust the Trustee Board will exercise reasonable discretion with respect to all property, real and personal, at any time forming a part of said trust.


6. The Trustee Board herein accepts said trust, and waives the payment of any compensation for its services hereunder.

7. In the event The Knox Presbyterian Church, Guelph, Ontario should cease to exist as a constituent part The Presbyterian Church In Canada, the Grantor hereby directs that the Trustee Board disburse the trust in accordance with the rules of The Presbyterian Church In Canada and in accordance with the laws of Canada.


8. The Trustee Board shall not be required to give bond or any other security. Members of the Trustee Board shall be protected by the Grantor’s Directors’ Liability Insurance coverage.